What if an executor cannot afford to maintain a property?

• Executors are responsible for maintaining estate property during probate.
• This can become difficult when the estate is property-rich but cash-poor, especially if costs start building up before assets can be sold.
• Provira’s Estate Advance gives executors access to up to 50% of the estate’s net value within days, helping cover estate costs like property maintenance before probate is granted.

If an executor cannot afford to maintain a property, they may have to find alternative ways to finance it before it can be sold, such as through an Estate Advance.

Being an executor comes with a lot of responsibility, and for many, it comes at a time already taken over by grief.

And whilst managing an estate can be straightforward, one of the more common issues that arise is when a property in the estate needs ongoing maintenance, but there is not enough cash available to cover the costs.

The problem is that on paper, the estate may seem valuable because it includes a house, land, stocks or other high-value assets. But in reality, the money needed to maintain the property may be tied up in these assets until probate has been granted and they can be sold.

At the same time, the property itself still needs looking after. Mortgages need to be paid, maintenance needs to happen and bills need to be covered.

And because executors have a legal duty to protect the estate’s assets, simply ignoring these problems is not an option.

If you are an executor struggling to cover estate costs before probate, Provira can help.

Our Estate Advance gives executors access to up to 50% of the estate’s net value within days, with no personal guarantees, no monthly repayments and no need to use personal collateral.

To speak to the team about securing an Estate Advance click here.

Does an executor have to maintain a property?

Yes, one of an executor’s main responsibilities is protecting and maintaining estate assets during probate, including any property.

This means executors are expected to take the steps needed to prevent damage, deterioration or loss in value while the estate goes through probate.

This may include things like:

• Fixing maintenance issues like leaks or broken windows
• Making sure the property stays insured
• Paying utility bills
• Keeping the property secure
• Arranging basic upkeep like cleaning or gardening
• Preventing damp, mould or wider damage

This is important because empty properties can deteriorate surprisingly quickly and even small problems can become expensive if left unresolved for months during probate.

What happens if the estate has a property but no cash?

If an estate has a property but no cash, executors might find themselves in a difficult financial position.

An estate may have a valuable property worth hundreds of thousands of pounds, but very little cash in bank accounts to cover the maintenance.

At the same time, probate can take months to complete, especially if the estate is more complicated, involves paying Inheritance Tax or includes multiple beneficiaries.

The estate technically has value, but the money needed to maintain the property may not yet be available. Meanwhile, the costs continue building up.

Executors may suddenly find themselves trying to cover:

• Mortgage payments
• Repairs and maintenance
• Insurance
• Council tax (though exemptions apply)
• Utility bills
• Legal fees

And during an already emotional and stressful time, a lot of executors can’t afford to personally cover these costs for months at a time.

Can an executor use their own money to cover property costs?

An executor can use their own money to cover estate property expenses, and they can normally reclaim these costs from the estate later.

However, executors are not expected to personally finance estate costs. Being named as an executor doesn’t mean having to fork out huge amounts of money to manage a property during probate. 

And while some executors may be able to step in to cover repairs or bills, the costs can climb quickly if probate is delayed or the property needs a lot of work.

This is where Provira’s Estate Advance can help.

Our Estate Advance gives executors up to 50% of the net value of the estate within days, allowing executors to pay ongoing property maintenance costs whilst they wait for probate to complete. We offer no personal guarantees, so executors can take out the loan without having to put down their own property as collateral.

Start your loan application by speaking to the team today.

What happens if a property is not maintained properly during probate?

If an executor does not properly maintain a property through probate, beneficiaries could potentially step in and challenge how the estate is being managed.

For example, if a property becomes damaged because issues have been ignored, this could impact the value of the estate and therefore, the amount of inheritance beneficiaries could receive.

As part of their role, executors are expected to act in the best interests of the estate and all beneficiaries. This doesn’t mean they are expected to renovate the property or do anything to actively increase its value, but they are generally expected to manage it properly until it can be sold or transferred.

This is why many executors find themselves caught in a tricky situation; a property may need maintenance, but the estate may not have the money available to pay for it. 

When this happens, financial pressure starts building very quickly.

Can estate funds be used for property repairs?

Yes, repair and maintenance costs relating to estate property can be paid from the estate when cash is available. 

However, there is an important difference between maintaining a property and improving it.

Executors are expected to maintain the property in its current condition, rather than spending estate money on major upgrades to increase the sale value.

If beneficiaries want renovation works carried out before a sale, this should be agreed as a group to avoid any disputes.

Only when the probate process is completed can the property be sold, so beneficiaries need to understand that it might take some time before the cash becomes available again.

However, when it comes to general maintenance, decisions around this sit mainly with the executors.

How Provira can help executors manage estate property costs

Property is often the most valuable asset within an estate. But it can also create some of the biggest financial pressures during probate.

When estate funds are tied up in property, investments or probate, executors may need to pay property management costs without having access to the estate’s value.

That’s where Provira’s Estate Advance can help.

We give executors access to up to 50% of the estate’s net value within days, helping them manage estate costs without relying on personal savings or personal borrowing.

Our Estate Advance can be used to cover:

• Property repairs
• Property maintenance
• Mortgages
• Legal fees
• Inheritance Tax
• Funeral expenses
• Other estate costs

With Provira, there are no monthly repayments, no personal guarantees and no early repayment fees.

We only charge simple interest rather than compound interest, helping executors keep costs predictable while the estate goes through probate.

If you are an executor struggling to manage property costs before probate, apply for an Estate Advance with Provira today.